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Rebate u/s 87A on short term capital gains

ITR 828 views 3 replies

I filed my ITR for FY 23-24 on 24th July. At the time, the tax utility allowed a rebate under Section 87A on Short-Term Capital Gains (STCG). However, today I received a demand notice from the Income Tax Department (ITD) for this. Is there any remedy available?

Replies (3)

 

Unfortunately, there's no remedy available at this point. The demand has been raised due to a defect in the utility that incorrectly allowed the rebate under Section 87A on Short-Term Capital Gains (STCG) in the new tax regime. 

This issue was fixed in a newer version of the utility. Given that you've already filed your ITR under the new regime, you can only file a revised return under the new regime, but the last date to file revised returns was January 15, 2025. 

Now, your options might be limited to filing an ITR-U (Updated Return), which also defaults to the new tax regime.

I think the simplest way is pay tax and forget it.

 

No need for any revision of returns etc.

I would also like to be corrected in my aforesaid thinking.

File rectification request or raise a grievance if you want to fight

If not can pay the same and finish it off 

 


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